A business owner’s policy (BOP) consist of property coverage, liability coverage and some additional types of coverage that are needed for small to medium size businesses with the exception of auto, worker’s compensation, health and disability insurance. Optional coverages can be added to meet specific needs of the business.
Typically a BOP policy includes:
- Property insurance will pay for buildings, equipment and inventory.
- Business Interruption Insurance will pay for losses that cause you to close your operation or reduce production for a period of time.
- Liability Protection will pay for harm done by the employees or products to other people or their property.
- Crime insurance will pay for the loss of money or securities resulting from burglaries, robberies, destruction and employee theft or embezzlement.
- Liability insurance will pay for lawsuits arising from accidents, selling a product that causing property damage to a customer, if you are accused of offenses such as slander, copyright or invasion of privacy.
Property insurance pays for losses and damages to real or personal property caused by specific perils that are indicated on your Policy Declaration. For example, a property insurance policy would cover fire damage to your building or office space. You can also purchase additional coverage for business property, such as:
- Boiler and Machinery Insurance
- Debris Removal Insurance
- Glass Insurance
- Inland Marine Insurance
- Builder’s Risk Insurance
- Business Interruption Insurance
- Tenant’s Insurance
- Crime Insurance
- Ordinance or Law Insurance
- Fidelity Bonds